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Icici Bank
(NYSE:IBN)
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Rating:75Outperform
Price Target:
$33.00
▲(11.83% Upside)
Action:Reiterated
Date:07/21/26
IBN scores well primarily on strong financial performance (multi-year growth and solid returns) and a supportive technical uptrend (price above major moving averages with positive momentum). The latest earnings call reinforces confidence via stable margins and strong growth, but credit-quality and provisioning/funding uncertainties remain key risks. Valuation is reasonable but not especially cheap, and the dividend yield provides limited support.
Positive Factors
Consistent multi-year revenue and profit growth
Sustained top-line and profit compounding over several years evidences a scalable franchise and effective product mix. This growth supports reinvestment in distribution and technology, underpins fee income expansion, and provides a durable earnings base to absorb cyclical pressure over the next 2–6 months.
Negative Factors
Elevated NPA additions and asset-quality variability
Quarterly spike in gross and net NPA additions and a sequential uptick in net NPA signal ongoing credit migration risk. Persistently higher slippages, especially in retail/rural segments, can elevate provisioning needs and reduce capital available for growth, making earnings and capital planning less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent multi-year revenue and profit growth
Sustained top-line and profit compounding over several years evidences a scalable franchise and effective product mix. This growth supports reinvestment in distribution and technology, underpins fee income expansion, and provides a durable earnings base to absorb cyclical pressure over the next 2–6 months.
Read all positive factors
Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$108.19B
Dividend Yield0.83%
Average Volume (3M)7.10M
Price to Earnings (P/E)18.3
Beta (1Y)0.47
Revenue Growth-1.31%
EPS Growth-1.68%
CountryUS
Employees124,324
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)156.78
Shares Outstanding3,587,801,000
10 Day Avg. Volume6,177,367
30 Day Avg. Volume7,104,586
Financial Highlights & Ratios
PEG Ratio3.32
Price to Book (P/B)2.38
Price to Sales (P/S)2.77
P/FCF Ratio13.59
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$33.50Price Target Upside13.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.67
Revenue Forecast (FY)$14.15B
Icici Bank Business Overview & Revenue Model
Company Description
ICICI Bank Limited, a prominent financial institution with its various subsidiaries, delivers a comprehensive suite of banking and financial solutions. These services cater to both individual consumers (retail) and corporate entities, spanning ope...
How the Company Makes Money
ICICI Bank primarily earns money through a mix of interest income and fee-based income, supplemented by treasury/market-related income.
1) Net interest income (core banking spread): The bank takes deposits and other funding (e.g., savings/current...
Icici Bank Earnings Call Summary
Earnings Call Date:Jul 18, 2026
(Q1-2027)
| Next Earnings Date:Oct 19, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive performance: strong top-line and core profit growth, robust loan and deposit expansion, stable margins, healthy capital ratios and notable progress in subsidiaries (especially life and asset management). At the same time, credit-related items—gross NPA additions, a small sequential uptick in net NPAs, write-offs, and seasonally elevated KCC NPAs—plus stress in the general insurance business and some funding/margin uncertainty around FCNR mobilization and upcoming ECL changes are areas to monitor. Overall, the positives (profitability, loan growth, capital/ liquidity and fee momentum) materially outweigh the headwinds.Positive Updates
Profit Growth and Core Operating Performance
Profit before tax excluding treasury rose 20.9% YoY to INR 189.75 billion; core operating profit increased 15.6% YoY to INR 202.35 billion and core operating profit excluding dividend from subsidiaries rose 18.3% YoY to INR 191.25 billion. Profit after tax grew 15.9% YoY to INR 148.05 billion; consolidated PAT increased 13.9% YoY to INR 154.4 billion.
Negative Updates
Gross and Net NPA Additions
Gross NPA additions were INR 55.52 billion in the quarter (down from INR 62.45 billion a year ago) but net additions remained at INR 27.07 billion. Retail & rural gross additions were INR 43.31 billion; Kisan Credit Card NPAs contributed INR 7.06 billion this quarter.
Read all updates
Q1-2027 Updates
Positive
Negative
Profit Growth and Core Operating Performance
Profit before tax excluding treasury rose 20.9% YoY to INR 189.75 billion; core operating profit increased 15.6% YoY to INR 202.35 billion and core operating profit excluding dividend from subsidiaries rose 18.3% YoY to INR 191.25 billion. Profit after tax grew 15.9% YoY to INR 148.05 billion; consolidated PAT increased 13.9% YoY to INR 154.4 billion.
Read all positive updates
Company Guidance
Management's guidance emphasized risk‑calibrated profitable growth while maintaining a strong balance sheet and prudent provisioning: they aim to grow profit before tax excluding treasury (Q1: INR 189.75bn, +20.9% YoY) and keep NIM range‑bound (Q1 NIM 4.36%, adj. 4.28% excl. tax refund benefit), while opportunistically growing loans and deposits (loans +19.6% YoY / +5.0% QoQ; domestic loans +18.8% YoY; retail +12% YoY; business banking +28.2% YoY; deposits +14% YoY / +2.2% QoQ; average deposits +14% YoY), sustaining liquidity and capital (LCR ~124%, CET1 16.19%, total CAR 16.84%), and keeping credit metrics under control (net NPA 0.35%, gross NPA additions INR 55.52bn, net additions INR 27.07bn, PCR 74.7%, contingency provision INR 131bn ≈0.8% of advances; other provisions INR 229.63bn ≈1.4% of loans). They signaled no fixed target but active mobilization of FCNR deposits over the next ~8–10 weeks (estimated all‑in hedged cost ~6.30–6.40%), warned ECL transition will raise Stage‑2 provisioning (but said existing buffers should absorb one‑time transition impact), and reiterated focus on sustainable, predictable returns.Icici Bank Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
76
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.00T | 3.12T | 2.95T | 2.35T | 1.85T | 1.58T |
| Gross Profit | 2.05T | 2.17T | 2.01T | 1.60T | 1.29T | 989.30B |
| EBITDA | 792.23B | 804.43B | 1.65T | 635.04B | 488.90B | 280.08B |
| Net Income | 561.94B | 542.08B | 510.29B | 442.56B | 340.37B | 251.10B |
Balance Sheet | ||||||
| Total Assets | 30.02T | 29.14T | 26.42T | 23.64T | 19.58T | 17.53T |
| Cash, Cash Equivalents and Short-Term Investments | 1.96T | 2.65T | 2.38T | 1.90T | 1.64T | 2.14T |
| Total Debt | 2.26T | 2.20T | 2.04T | 2.01T | 1.84T | 1.59T |
| Total Liabilities | 26.04T | 25.35T | 23.13T | 20.94T | 17.37T | 15.65T |
| Stockholders Equity | 3.81T | 3.63T | 3.14T | 2.56T | 2.14T | 1.82T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 635.95B | 773.94B | 1.54T | 552.00B | 777.05B |
| Operating Cash Flow | 0.00 | 673.25B | 822.20B | 1.57T | 577.21B | 795.97B |
| Investing Cash Flow | 0.00 | -130.14B | -2.37T | -1.46T | -2.53T | -1.94T |
| Financing Cash Flow | 0.00 | -46.61B | 2.06T | 137.65B | 1.47T | 1.51T |
Icici Bank Technical Analysis
Positive
29.51
Price Trends
28.28
Positive
27.41
Positive
28.78
Positive
Market Momentum
0.50
Negative
63.35
Neutral
86.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBN, the sentiment is Positive. The current price of 29.51 is below the 20-day moving average (MA) of 29.54, above the 50-day MA of 28.28, and above the 200-day MA of 28.78, indicating a bullish trend. The MACD of 0.50 indicates Negative momentum. The RSI at 63.35 is Neutral, neither overbought nor oversold. The STOCH value of 86.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IBN.
Icici Bank Risk Analysis
Icici Bank disclosed 63 risk factors in its most recent earnings report. Icici Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Icici Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $99.70B | 13.74 | 12.34% | 2.83% | 3.92% | 24.15% | |
75 Outperform | $108.19B | 18.31 | 15.71% | 0.84% | -1.31% | -1.68% | |
70 Outperform | $121.03B | 14.56 | 13.74% | 3.79% | -4.47% | 4.55% | |
69 Neutral | $96.01B | 11.08 | 21.64% | 7.10% | 19.64% | 12.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $127.22B | 14.57 | 12.28% | 1.73% | 2.65% | 54.00% | |
62 Neutral | $89.74B | 20.34 | 11.05% | 3.26% | -13.48% | 25.29% |
* Financial Sector Average
IBN
Icici Bank
30.48
-1.92
-5.91%
HDB
Hdfc Bank
23.77
-13.77
-36.68%
ITUB
Itau Unibanco
8.18
2.02
32.84%
LYG
Lloyds Banking
6.19
1.95
46.06%
MFG
Mizuho Financial
10.69
4.55
74.10%
PNC
PNC Financial
252.76
71.60
39.52%
Icici Bank Corporate Events
ICICI Bank Wins Moody’s, S&P Investment-Grade Ratings on Dollar Bonds
Jul 27, 2026
On July 24, 2026, ICICI Bank disclosed that Moody’s Ratings and SP Global Ratings assigned investment-grade ratings of Baa3 and BBB, respectively, to its U.S. dollar-denominated senior unsecured fixed-rate notes. The notes were issued throug...
ICICI Bank Prices $1 Billion Senior Unsecured Notes Under Global MTN Programme
Jul 24, 2026
On July 24, 2026, ICICI Bank announced that its IFSC Banking Unit has priced USD 1 billion in senior unsecured fixed-rate notes under its USD 7.5 billion Global Medium Term Note programme, with allocation set for July 30, 2026 and maturity on July...
ICICI Bank Publishes Q1 FY2027 Earnings Call Transcripts for Investors and Media
Jul 23, 2026
ICICI Bank has disclosed to Indian stock exchanges that it has released transcripts of its media conference call and earnings call discussing financial results for the quarter ended June 30, 2026. The bank has also uploaded these documents to its ...
ICICI Bank Sets Governance Guardrails at ICICI Prudential Ahead of Prudential’s Bharti Life Deal
Jul 6, 2026
ICICI Bank Limited is one of India’s largest private-sector banks, headquartered in Mumbai and listed in the U.S. via American Depositary Shares. The bank offers a broad suite of retail and corporate banking services and also operates throug...
ICICI Bank Sets July 18 Board Meeting, Closes Trading Window Ahead of Q1 FY27 Results
Jun 30, 2026
ICICI Bank has scheduled a meeting of its Board of Directors for Saturday, July 18, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. The announcement, disclosed under India...
ICICI Bank Board Confirms Director Reappointment, Sets August AGM and Dividend Record Date
Jun 30, 2026
The Board of ICICI Bank met on June 29, 2026, reappointing independent director Vibha Paul Rishi for a second term from January 23, 2027 to December 31, 2028, subject to shareholder approval and aligned with updated Reserve Bank of India governanc...
ICICI Bank Receives SEBI Warning Over FPI Repatriation Lapse, Sees No Material Impact
Jun 4, 2026
On June 1, 2026, the Securities and Exchange Board of India issued a warning letter to ICICI Bank, received on June 2, 2026, over a compliance breach in its role as custodian. The regulator found that the bank had allowed a foreign portfolio inves...
ICICI Bank Adds Former SEBI Whole-Time Member Ashwani Bhatia as Independent Director
Jun 2, 2026
On June 1, 2026, ICICI Bank’s board approved by circular resolution the appointment of veteran banker and former regulator Ashwani Bhatia as an Additional Independent Director for a five-year term from June 1, 2026 to May 31, 2031, subject t...
ICICI Bank Reaffirms Majority Control of ICICI Prudential Life Amid Prudential’s India Restructuring
May 19, 2026
ICICI Bank disclosed on May 18, 2026, that it had received an email from its subsidiary ICICI Prudential Life Insurance Company regarding a press release by joint venture partner Prudential Corporation Holdings about repositioning its India operat...
ICICI Bank Discloses RBI Nod for HDFC Bank to Buy Up to 9.95% Stake
May 7, 2026
On May 6, 2026, ICICI Bank disclosed that the Reserve Bank of India (RBI) granted HDFC Bank approval to acquire an aggregate holding of up to 9.95% of ICICI Bank’s paid-up share capital or voting rights. The stake must be acquired within one...
ICICI Bank Receives SEBI Warning Over Depository Participant Compliance, Sees No Material Impact
May 6, 2026
On May 4, 2026, SEBI issued an administrative warning to ICICI Bank over alleged non-compliances related to its role as a depository participant under the SEBI (Depositories and Participants) Regulations, 2018, following observations from a period...
ICICI Bank Announces Retirement of Independent Director Radhakrishnan Nair
May 4, 2026
ICICI Bank Limited has disclosed that independent director Radhakrishnan Nair retired from the board on May 1, 2026, upon completion of his second term in that role. The retirement, reported to Indian stock exchanges and filed with the U.S. Securi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.